According to the CITIC Construction Investment Research Report, the 2026 demand-side beta has not yet arrived, but many industries have already completed supply-side improvements. We believe that during the 15th Five-Year Plan period, consumption still needs to focus on segmented alpha opportunities. On the one hand, the logic of Chinese brands going overseas and the return of consumption is getting smoother, and on the other hand, supply-side promotion. The medical and aesthetic industry is gradually reflecting the restoration of double increases in volume and price, increased channel concentration due to the reshuffle of consumer electronics channels, agglomeration of scale effects on the production side under the trend of small cosmetics orders, gradual acquisition of pricing rights by overseas brands, and the integration of business formats after the real estate market supply is cleared. It is expected that more industries will achieve supply-side optimization in the future.

According to the CITIC Construction Investment Research Report, the 2026 demand-side beta has not yet arrived, but many industries have already completed supply-side improvements. We believe that during the 15th Five-Year Plan period, consumption still needs to focus on segmented alpha opportunities. On the one hand, the logic of Chinese brands going overseas and the return of consumption is getting smoother, and on the other hand, supply-side promotion. The medical and aesthetic industry is gradually reflecting the restoration of double increases in volume and price, increased channel concentration due to the reshuffle of consumer electronics channels, agglomeration of scale effects on the production side under the trend of small cosmetics orders, gradual acquisition of pricing rights by overseas brands, and the integration of business formats after the real estate market supply is cleared. It is expected that more industries will achieve supply-side optimization in the future.